NORTHERN COALFIELDS LIMITED
P.O. SINGRAULI Colliery
DISTT. SINGRAULI (M.P.)
Date of Issue :
Effective Date :
Expiry Date :
Value of B.G. :
Bank Guarantee No.:
In consideration of Northern Coalfields Limited P.O. Singrauli Colliery, Distt. Singrauli (M.P.) (hereinafter referred to as ‘beneficiary’, which terms shall mean and include its successor and assigns from time to time) having agreed to supply coal against e-auction coal from ------collieries to M/s.------(hereinafter called the ‘Company’ which terms shall mean and include its successors and assigns) from time to time, we the ------Bank (hereinafter called the ‘Guarantor’ which terms shall mean and include its successors and assigns) do hereby undertake to pay the beneficiary Northern Coalfields Limited on demand the sum and sums payable by the Company amounting Rs.------as cost of coal. This Bank Guarantee is furnished against the e-auction held on ……………. for …………. colliery by Rail.
We, the Guarantor, do hereby undertake to pay the amounts due and payable under this guarantee without any demur, merely on a demand from the beneficiary stating that the amount claimed is due on account of payment due or tax under the Act to the State Govt. Any such demand made on the Bank shall be conclusive as regards the amount due and payable by the bank under this guarantee. We shall not withhold the payment on the ground that the Company has disputed its liability to pay or has disputed the quantum of the amount or that any arbitration proceeding or legal proceeding is pending between Beneficiary and the Company regarding the claim. However, our liability under this guarantee shall be restricted to an amount not exceeding Rs.------(Rupees ------).
We, the guarantor, further agree that the guarantee herein contained shall come into force from the date hereof and shall remain in full force and effect that would be taken for the security till all the dues of the Beneficiary under or by virtue of the said tax have been fully paid and its claim satisfied or Beneficiary certificates that taxes have been fully paid and its claim satisfied or and accordingly discharge the guarantee. Unless a demand or claim under the guarantee is made on us in writing on or before ……………………………………….. we shall be discharged from all liability under this guarantee thereafter.
We, the Guarantor, further agree with that the said Beneficiary shall have the fullest liberty without our consent and without affecting in any manner our obligations hereunder to vary and of the terms and conditions from time to time and we shall not be relieved from our liability by reason of any such variation or for any forbearance act or omission on the part of the Beneficiary or any indulgence by the Beneficiary, to the said Company or by any such matter or thing whatsoever which under the law relating to sureties would but for this provision have effect of so relieving us. The Bank further agreed that in case this guarantee is required for longer period and it is not extended by the said company beyond the period, specified above, this Bank shall pay to the Beneficiary the said sum of Rs…………(Rupees ……………..) or such lesser sum as may then be due to the Beneficiary and as the Beneficiary may demand within the BG expiry period date.
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We, the Guarantor, lastly undertake not to revoke this guarantee during its currency except with the previous consent of the beneficiary, in writing.
The Bank has under its constitution power to give this guarantee and the under signed who has signed it on behalf of the Bank has authority to do so.
The Bank Guarantee will not be discharged due to the change in the Constitution of the Bank or the Company.
The Guarantee shall automatically stand cancelled on the expiry of the afore-said period not withstanding that the original Guarantee document are not returned to us.
All claims under the guarantee will be payable at …………………………… (Address of the Branch).
This Guarantee shall be returned to us at ……………………….. (Address of branch) as soon as the purpose for which it is issued is fulfilled.
Notwithstanding anything contained herein above:
1. Our liability under this Bank Guarantee shall not exceed Rs……….. (Rupees ………………………….….)
2. This Bank Guarantee shall be valid upto ……………………
3. We are liable to pay the guaranteed amount or any part thereof under this Bank guarantee only and only if a demand is made in writing on the Bank on or before ……………….. at this branch i.e. at the ……………………….. Bank having its Head Office at…………………………………. Acting through its branch at ……………… else all your rights under this Guarantee shall be forfeited and we shall be relieved and discharged from all liabilities thereafter.
Please note that confirmation & authentication (i.e. photocopies of all the pages of the said BG are to be signed by the authorized signatory) related to the Bank Guarantee can be obtained from our ………………………..( Name & address of the of the branch).
Executed this ………..day of ……………..(month & Year) at …………………………….(place of execution)
Place:
Date:
Authorised Signatorie(s)
Signature: ……………Signature:……………………….
Name:………………………..Name:………………………………
Signatory Code:…………………….Signatory Code:…………………….